The Bank for International Settlements (BIS) and the Bank of England are teaming up to combat financial crime, and they are seeking advisors for their joint project. The two institutions have issued a request for proposals for advisory services to support the development of a new BIS Innovation Hub Centre in London, which will focus on the topic of financial crime.
Financial crime, including money laundering, fraud, and corruption, poses a significant threat to the stability and integrity of the global financial system. According to a report by the United Nations Office on Drugs and Crime, the estimated amount of money laundered globally in one year is 2-5% of global GDP, or $800 billion to $2 trillion. It is crucial for central banks and regulatory authorities to work together to develop innovative ways to detect, prevent, and combat financial crime.
The BIS Innovation Hub was established to foster collaboration among central banks and other authorities to promote innovation in the financial sector. The new centre in London will focus on financial crime and will work closely with the Bank of England’s own efforts to combat financial crime.
The BIS and the Bank of England are seeking advisors with expertise in financial crime, technology, and regulatory compliance to support the development of the new centre. The advisors will work with the BIS and the Bank of England to identify and address key challenges and opportunities related to financial crime, and to develop innovative solutions to enhance the effectiveness of financial crime prevention and detection.
The project is part of a broader effort by central banks and regulatory authorities to leverage technology and data analytics to combat financial crime. In recent years, there has been a growing recognition of the potential for technological innovation to enhance the effectiveness of anti-money laundering and counter-terrorism financing efforts. The BIS and the Bank of England are committed to leveraging the latest advances in technology to combat financial crime, and they are seeking advisors who can help them achieve this goal.
The BIS and the Bank of England’s initiative to combat financial crime is an important development in the global fight against illicit financial activity. By leveraging the latest technology and expertise, the two institutions are seeking to enhance the effectiveness of efforts to prevent and detect financial crime. The selection of advisors for this project will be a crucial step in the development of innovative solutions to combat financial crime and to protect the integrity of the global financial system.
